Metsä Tissue Buys Slovakian Tissue Maker
Feb. 1, 2006 (Press Release) - Metsä Tissue, part of the Metsäliitto Group, has concluded an agreement to acquire the full ownership of Tento a.s., a leading tissue paper company in Slovakia. The acquisition requires the approval of the competition authorities.
"As manufacturing tissue paper products is one of Metsäliitto Group’s core businesses, we are happy that this agreement has been successfully completed,” says Kari Jordan, Metsäliitto Group President and CEO, and Chairman of Metsä Tissue Board of Directors.
Mikko Helander, President and CEO of Metsä Tissue, confirms: “The acquisition will strengthen the position of Metsä Tissue in Europe. Tento’s local market knowledge and effective manufacturing, combined with our Polish operations, gives Metsä Tissue a strong local presence in the Central-Eastern European region. Together we can serve our customers even better.”
“I am very pleased with Tento’s progress during the last five years where we have been able to improve our efficiency and quality,” says Jozef Antošík, President and CEO of Tento. “As part of Metsä Tissue, Tento will now have more resources to continue developing in the fast growing Central-Eastern European markets. Personally, I am very happy to offer my 25 years experience to support Metsä Tissue’s growth in the fast changing European tissue paper market.”
Once the acquisition has been approved, Antošík will own 15% of Metsä Tissue’s shares, thus becoming the second biggest owner after Metsäliitto. He will also assume a position as a member of Metsä Tissue Board of Directors.
There are some 150 million consumers in the Central-Eastern European markets using nearly 700,000 tonnes of tissue paper per year. The annual consumption per capita is between 3-7 kg and due to the increase in the standard of living is growing by 5-10% - much faster than in Western Europe.
Tento is one of the leading tissue paper companies in Central-Eastern Europe. Its key products are toilet paper, household towels and handkerchiefs. The Tento brand has a leading position in the Slovakian and Czech tissue paper markets. The company’s head office and mill are located in Žilina, northern Slovakia. Tento’s turnover is EUR 90 million and it employs 600 people.
SOURCE: Metsä Tissue